Few reasons why people are hesitant to buy or HODL bitcoin/Crypto

TheSpiral

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Quote from: Blitzboy on October 02, 2023, 10:06:38 PM

I think users should be careful. We invest in everything, not just Bitcoin. Always monitor global news. While enjoying the profits, stay alert for legal developments. And as you rightly pointed out, if governments do decide to regulate or control it, the landscape of crypto will change entirely.

We should not come to an end with investment as it gives us freedom to settled our condition in better way but we should be acquitainted of the risk involved in the sort out business. Dependency on investment should be shun as it can make you disappointed anytime.

Always remember that as risk is the integral part of investment so we should be careful about it and whenever we have some beneficial moves then we should accept it otherwise we will fail to take the opportunity after which crying will be our predestined.

If we are saying that we are not taking this sum because we need more then surely you will be unable to take this little sum again as opportunity never exist always.

jeraldskie11

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Quote from: kentrolla on October 01, 2023, 02:02:27 PM

Here are some of the challenges restricting users from buying and hodling bitcoin:

1. Restrictions from the government and regulators who keep on threatening that they may ban bitcoin or crypto in general anytime, imposing an unjustly ridiculous tax on trading and withdrawal literally leaving us with loss even if we make a profitable trade. What if a situation arises wherein we cannot withdraw even if the value of bitcoin increases as it will be of no use.

Even if the government has banned Bitcoin transfers, there are still various ways to do so, but they are inefficient, especially for individuals who are unfamiliar with Bitcoin. So, in my opinion, this is one of the reasons why people are hesitant to keep Bitcoin.

Quote

3. We need to buy in dip or at the peak of a bearish market if we want to buy and hodl for at least a few years, we can take the example of people who bought at the peak of bull run during end of 2017 and had to wait till the end of 2020 to meet break even and gain profit but many end up selling due to panic and fuds, we need proper channels to educate users to avoid panic selling and build a strong community as a lot of negativity was spread during last bear market which distanced many from crypto.

Feel free to share your opinion on how we can fix this.

There is always a good time to buy Bitcoin in order to reduce risk and maximize your chances of making money. So rather than investing Bitcoin at a random price, we should learn how to assess the market. Those who bought a high price did so because of the hype, and we must be aware of this so that it does not happen to us.

Blitzboy

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Quote from: TheSpiral on October 02, 2023, 05:31:55 PM

Quote from: kentrolla on October 01, 2023, 02:02:27 PM

1. Restrictions from the government and regulators who keep on threatening that they may ban bitcoin or crypto in general anytime, imposing an unjustly ridiculous tax on trading and withdrawal literally leaving us with loss even if we make a profitable trade. What if a situation arises wherein we cannot withdraw even if the value of bitcoin increases as it will be of no use.

Yes this is the main cause that majority of people are not related with bitcoin investment. It does not means that bitcoin is not profit making but it means that anytime government can change laws and can cease the use bitcoin so if we have even more money in bitcoin it will be useless for us.

There is no doubt about bitcoin huge return but there is also no doubt that some government are against the bitcoin investment and trading and they will Change its whole structure once it come into their control. Select bitcoin and get the benefit from it as soon as possible because there is no guarantee about its live and it can be banned and stop for trading.

You're right, pal. Governments can change their Bitcoin attitude quickly. Many have done it and may again. Your issue is genuine, but isnt it true for all investments? Bitcoin's vulnerabilities are similar to a company's stock price drop after a negative reputation.

I think users should be careful. We invest in everything, not just Bitcoin. Always monitor global news. While enjoying the profits, stay alert for legal developments. And as you rightly pointed out, if governments do decide to regulate or control it, the landscape of crypto will change entirely.

We're aboard this boat, without knowing if the storm will hit. Does that mean we stop sailing? Are we just better sailors? Your move.

GreatArkansas

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Quote from: kentrolla on October 01, 2023, 02:02:27 PM

(...)
1. Restrictions from the government and regulators who keep on threatening that they may ban bitcoin or crypto in general anytime, imposing an unjustly ridiculous tax on trading and withdrawal literally leaving us with loss even if we make a profitable trade. What if a situation arises wherein we cannot withdraw even if the value of bitcoin increases as it will be of no use.
(...)

You really got the top 3 reasons. But I have some additional on the first once. This reason, restrictions from governments and governments are one of the best reasons because we all know the benefits of using Bitcoin especially if you will use it to send money from someone in different counties, and another thing is using Bitcoin for mode of payment or use it like money remittance, we all know the fees and transaction time when you send money to someone from different country.

TheSpiral

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Quote from: kentrolla on October 01, 2023, 02:02:27 PM

1. Restrictions from the government and regulators who keep on threatening that they may ban bitcoin or crypto in general anytime, imposing an unjustly ridiculous tax on trading and withdrawal literally leaving us with loss even if we make a profitable trade. What if a situation arises wherein we cannot withdraw even if the value of bitcoin increases as it will be of no use.

Yes this is the main cause that majority of people are not related with bitcoin investment. It does not means that bitcoin is not profit making but it means that anytime government can change laws and can cease the use bitcoin so if we have even more money in bitcoin it will be useless for us.

There is no doubt about bitcoin huge return but there is also no doubt that some government are against the bitcoin investment and trading and they will Change its whole structure once it come into their control. Select bitcoin and get the benefit from it as soon as possible because there is no guarantee about its live and it can be banned and stop for trading.

BALIK

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Quote from: KiaKia on October 02, 2023, 07:46:43 AM

It's a big fat lie to include government restrictions as a reason why people are not buying and holding Bitcoin right now, they only don't want to get involved with Bitcoin so the government ordered their banks not to give access for customers to be able to accept Bitcoin, when it's ban it doesn't mean you can't have it.

In a centralized country, no one is allowed to receive or buy Bitcoin, but people need to wake up, Bitcoin can only be banned in a centralized country, but you forget that the rightful way of buying Bitcoin in the first place shouldn't have been through centralized companies and platforms, we people are the ones complicating things.

Bitcoin is decentralized and it should be acquired through decentralization, that's where peer-to-peer comes in role, find decentralized platforms and purchase what you want to, there is no way your government and banks can know you have access to Bitcoin.

The government can also be the reason why some people do not dare to invest in bitcoin, there are many law-abiding people who are afraid of going to jail so they never dare to do things the government prohibits. Not everyone is brave or defies the government's ban like us, don't impose your thoughts on others.

But the government reason is not the main reason why many people do not invest in bitcoin, there are many, many reasons that we cannot list them all. The reasons OP gave are just a few, what I see is that when a person doesn't believe and doesn't like something, they always have thousands of reasons to refuse. So to find out the real reason why more people don't invest in bitcoin is too broad a question.

Marykeller

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Quote from: jasonjm on October 01, 2023, 11:14:44 PM

I think volatility is the root cause of this hesitation. People are fearful that they might end up losing their money if they invest in such a volatile asset. They are not willing to take the risk and think that they have missed the opportunity, and now it's too late to invest in the market. They neither want to come out of their comfort zone nor willing to understand the phenomenon. Government restrictions could be another reason, along with scams and Ponzi altcoins.

I wouldn't but concur with this that people's fear of investing in bitcoin is really a result of its volatility. They don't dare to continue watching as their bitcoin progressively fluctuates in a situation they have no control over or knowledge of. They don't intend to hodl their bitcoin investment for very long; instead, they want to see it appreciate in value as soon as possible. They never have long-term goals in mind; only short-term goals.

People who are "scared of the volatility of bitcoin" have always exhibited that mentality when I have come into contact with them. There isn't much that can be done about it other than to let people invest at their own discretion.

kryptqnick

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The tax concern is surely relevant in many countries, but not everywhere because there are countries where taxes and tax evasion aren't considered a big deal. There are also countries that already set out their legislation regarding cryptos, so it's clear whether they are subject to taxation or not, and, if yes, how that works.
Unequal wealth distribution is a problem, but I think it's about much more than corrupt governments. It has deep historical roots related by discrimination on the basis of race, sex, and sometimes social status or other factors. Some people can't afford to hodl, but if a person has some funds to spare, it's possible to save up a bit, and do that in Bitcoin.
As for #3, having we been in the dip for a while now? The price is around 60% below the ATH, and that's low enough, in my opinion.

serjent05

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Quote from: kentrolla on October 01, 2023, 02:02:27 PM

Feel free to share your opinion on how we can fix this.

I think it is the trust that makes people hesitant to buy or hodl Bitcoin. Although these people are informed about the Bitcoin economy and market, these people can't just put their trust in a decentralized network where there is no one to blame or go after when something wrong happens. Aside from that, the lack of funds is also one of the major reasons why people can't buy and hold Bitcoin. Even if these people wanted to buy BTC and hold it, the lack of money to support the investment venture restricts them from doing so.

Honyek

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One reason people are hesitating to buy and hold bitcoin basically is to avoid lose. Buying and holding bitcoin can be beneficial depending on how one does it. Bitcoin short-term investment can give one profit but one needs to monitor the situation very well in order to know when to invest. As for long-term investment, it depends on how long that has to be, so it is very vital that someone research about the record of bitcoin from the long past including halving to be able to know when to make an investment.

gunhell16

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Other people are hesitant because they read a lot of headline news on other social media platforms about crypto scamming, and then other governments report that cryptocurrency is not good, not even directly but the point of what is being said using the mainstream media is to make it worse. the image of Bitcoin in communities not only in their country.

others talk badly about Bitcoin. sometimes because exploiters take advantage or abuse the decentralization that cryptocurrency has so they prey on people who don't know about it.

cheezcarls

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Quote from: kentrolla on October 01, 2023, 02:02:27 PM

Here are some of the challenges restricting users from buying and hodling bitcoin:

1. Restrictions from the government and regulators who keep on threatening that they may ban bitcoin or crypto in general anytime, imposing an unjustly ridiculous tax on trading and withdrawal literally leaving us with loss even if we make a profitable trade. What if a situation arises wherein we cannot withdraw even if the value of bitcoin increases as it will be of no use.

2. We need to earn a lot before hodling as most of the users in this forum are joining campaigns where the payment is not even guaranteed especially bounty campaigns so I hope you understand the financial situation of people which is due to unequal wealth distribution created by corrupt government and this can be broken when people start earning more through various source of freelancing instead of 9 AM -6 PM job which has made them slave and only once a person has a good amount of at least $100-$200 (this might be little for us but for people from certain geo region this is way more) they can invest and hodl or trade.

3. We need to buy in dip or at the peak of a bearish market if we want to buy and hodl for at least a few years, we can take the example of people who bought at the peak of bull run during end of 2017 and had to wait till the end of 2020 to meet break even and gain profit but many end up selling due to panic and fuds, we need proper channels to educate users to avoid panic selling and build a strong community as a lot of negativity was spread during last bear market which distanced many from crypto.

Feel free to share your opinion on how we can fix this.

Another reason that I wanted to add is when big media and TV corporations are misleading the viewers with the “Bitcoin scam” and “crypto scam” headlines thus conditioning our minds that it is not good to invest and adopt them.

As bad actors are continuing to emerge to make Bitcoin and crypto trading as front for their ponzi schemes, this creates a bad image to our industry. It’s one of the reasons until now there are still some who are hesitant about getting into Bitcoin.

As advocates for Bitcoin and crypto, this is one roadblock that we need to overcome by spreading continuous education and right information to the uninformed and misinformed.

KiaKia

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It's a big fat lie to include government restrictions as a reason why people are not buying and holding Bitcoin right now, they only don't want to get involved with Bitcoin so the government ordered their banks not to give access for customers to be able to accept Bitcoin, when it's ban it doesn't mean you can't have it.

In a centralized country, no one is allowed to receive or buy Bitcoin, but people need to wake up, Bitcoin can only be banned in a centralized country, but you forget that the rightful way of buying Bitcoin in the first place shouldn't have been through centralized companies and platforms, we people are the ones complicating things.

Bitcoin is decentralized and it should be acquired through decentralization, that's where peer-to-peer comes in role, find decentralized platforms and purchase what you want to, there is no way your government and banks can know you have access to Bitcoin.

knowngunman

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Quote from: kentrolla on October 01, 2023, 02:02:27 PM

Here are some of the challenges restricting users from buying and hodling bitcoin:

1. Restrictions from the government and regulators who keep on threatening that they may ban bitcoin or crypto in general anytime, imposing an unjustly ridiculous tax on trading and withdrawal literally leaving us with loss even if we make a profitable trade. What if a situation arises wherein we cannot withdraw even if the value of bitcoin increases as it will be of no use.

This is not cogent reason enough to keep people hesitant to buy and hold bitcoin or crypto per se. Although, it might be challenging to some extent but government restrictions has not completely stop people from buying and holding bitcoin. The only thing is that, you can not officially or confidently buy it but you can do so secretly through P2P and other anonymous means. However, in doing so, one must be cautious enough not to get caught because it has some consequences knowing that you are going against the government order. It's a challenge in a country where there is strict regulatory compliance.

Quote

2. We need to earn a lot before hodling as most of the users in this forum are joining campaigns where the payment is not even guaranteed especially bounty campaigns so I hope you understand the financial situation of people which is due to unequal wealth distribution created by corrupt government and this can be broken when people start earning more through various source of freelancing instead of 9 AM -6 PM job which has made them slave and only once a person has a good amount of at least $100-$200 (this might be little for us but for people from certain geo region this is way more) they can invest and hodl or trade.

No! You don't need to earn a lot before you can hold. What you need is financial literacy and management. Some people earn a lot but they can not spend wisely simply because they have no clue on how to manage funds. One thing to note is that, we can promote something without having to demarket other thing. Working for government is not slavery, it's by choice. Yes, there is no fair treatment but just imagine if everyone withdraw their service to government and see our economy will crumble.

Blitzboy

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I get your point about government restrictions. Like that ex who wont let go, right? Regulatory threats are serious. They're clouding our crypto dreams. We must inform our community, give updates, and possibly push for regulatory clarity. What if we had more decentralized platforms without centralized control for withdrawals? An example pseudo-problem is "How can we ensure these decentralized platforms remain accessible to everyone, especially with net neutrality in question?"

About your point about wealth inequality and freelancing? Right on! More power to hustlers. We should all want financial freedom. We need greater education. In 2017, users may have avoided panic selling with effective education channels. Build the solid community you mentioned. Sharing our resources, information, and experiences can make this environment safer for everyone. Anyone with me?

348Judah

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Some of the reasons i perceived people take into act by making their decision not to invest or hold bitcoin were as follows.

1. Fear of missing out, no one want to be scammed or Invest on what will make them shed tears tomorrow if it turn to be scammed

2. Lack of Knowledge and understanding of what a digital currency means, don't be surprised that some people aren't yet aware that a digital currency that can be trusted exist, the have heard about bitcoin but doesn't know it difference from other cryptocurrencies or how they can learn and develop trust in it.

3. Market volatility, people should know that bitcoin is never complete without being volatile, the price cannot be fixed, the demand and supply rate are what determines the value it comes up with and allows for more adoption, investment and hold for the perfect time to realease, so if the investors don't understand the idea why they need to hodl, they will begin to see it as a loss during the process.

ajiz138

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Quote from: kentrolla on October 01, 2023, 02:02:27 PM

1. Restrictions from the government and regulators who keep on threatening that they may ban bitcoin or crypto in general anytime, imposing an unjustly ridiculous tax on trading and withdrawal literally leaving us with loss even if we make a profitable trade. What if a situation arises wherein we cannot withdraw even if the value of bitcoin increases as it will be of no use.

Some countries have banned bitcoin but people can still use bitcoin in any transaction including withdrawing funds, meaning there is no strict regulation from the government and they are just trying to prevent the spread through the ban, while I believe bitcoin is still operating by some users they are still free to use bitcoin.

Quote from: kentrolla on October 01, 2023, 02:02:27 PM

2. We need to earn a lot before hodling as most of the users in this forum are joining campaigns where the payment is not even guaranteed especially bounty campaigns so I hope you understand the financial situation of people which is due to unequal wealth distribution created by corrupt government and this can be broken when people start earning more through various source of freelancing instead of 9 AM -6 PM job which has made them slave and only once a person has a good amount of at least $100-$200 (this might be little for us but for people from certain geo region this is way more) they can invest and hodl or trade.

If you only rely on forums to earn bitcoin it is not enough, other sources are also very important for additional income in order to add your investment to bitcoin, I think that if you can get on the forum it means that it will not be a big burden on your monthly income, I think other sources of income are needed.

Quote from: kentrolla on October 01, 2023, 02:02:27 PM

3. We need to buy in dip or at the peak of a bearish market if we want to buy and hodl for at least a few years, we can take the example of people who bought at the peak of bull run during end of 2017 and had to wait till the end of 2020 to meet break even and gain profit but many end up selling due to panic and fuds, we need proper channels to educate users to avoid panic selling and build a strong community as a lot of negativity was spread during last bear market which distanced many from crypto.

If you are able to buy it buy dip it is good, especially at the peak of the bearish, sometimes many hesitate to buy when bearish is because of panic fear of falling again, but basically the current price is still good enough to buy, this is still a buy dip even though the price is $28K I think it is still low for them to buy.

peter0425

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But as long as that we wanted to buy even there is a restriction yet people are purchasing bitcoin and actually even other cryptos.

I believe that even countries has banning , yet many are accumulating and HODLING , because maybe they trust the system and they believe that future is a best way to look into crypto because this is for that purpose .

noorman0

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Quote from: kentrolla on October 01, 2023, 02:02:27 PM

-snip-
1. Restrictions from the government and regulators who keep on threatening that they may ban bitcoin or crypto in general anytime,

When someone wants freedom, nothing can stop him. Several articles state that crypto activity in China is still ongoing, [1], [2].

Quote from: kentrolla on October 01, 2023, 02:02:27 PM

-snip-
3. We need to buy in dip or at the peak of a bearish market if we want to buy and hodl for at least a few years,

I disagree, how does one determine a bearish peak in the current cycle?
Buy some when you have the desire, it may sound quite stupid but remember that the goal is to HODL.

livingfree

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It is a misconception when we think that we need to have a lot of money for us to afford Bitcoin. That's also my thought before because when looking at its price before like when it was three digits and that's already expensive for me.

Gone through the 4 digits up to 5 digits now. And how much more when it has got close to $70k, that's truly expensive. But the thing is you don't need to have a lot of money to have it. You can purchase with every little amount that you've got like having $20 a week or two and then use that to accumulate more Bitcoin.

Yes, the quantity will be lower than everyone else and maybe you're right that you need to have tons of money and earn a lot of it if you're goaling to have at least 1 bitcoin at its current price.

Topic: Few reasons why people are hesitant to buy or HODL bitcoin/Crypto (Read 312 times)